Digital financial-news media startup Cheddar announced $22 million in Series D financing, led by existing investor Raine Ventures, to launch a second live news network focused on general news and fuel international growth.
New investors in this round included John Malone’s Liberty Global, Goldman Sachs, Antenna Group, 7 Global Capital, Dentsu Ventures, and the family office of Kelly Loeffler and Jeff Sprecher. All existing investors participated in the round, including AT&T, Amazon, Altice USA, the New York Stock Exchange, Lorne Michaels’ Broadway Video, Comcast Ventures, Lightspeed Venture Partners and Ribbit Capital.
According to the startup, the latest round gives it a valuation of $160 million, close to double the $85 million after its fundraise last year. Cheddar was founded in 2016 by CEO Jon Steinberg, former president and COO of BuzzFeed.
“Cheddar has been the poster child for creating distinctive, high quality original content with its scoops, interviews, live broadcast innovations, distribution deals, and ad products,” Gordon Rubenstein, managing partner of Raine Ventures, said in a statement.
Cheddar isn’t disclosing financials but says it expects to more than double revenue this year. The latest funding brings it to about $54 million raised to date.
Next month the New York-based company plans to launch Cheddar Big News, a general news network focused on what it says will be “non-partisan, national news with the style and sentiment of local news.” The company recently hired New York Times veteran Jim Roberts as editor-in-chief and former Business Insider reporter Alex Heath.
Cheddar CEO Jon Steinberg said in announcing the funding, “We are strengthening our already robust balance sheet with capital that we can use to bring our post-cable networks to Europe and beyond. We own all of our IP [intellectual property] and now is the time to monetize this asset globally.”
Cheddar’s live linear broadcasts and on-demand programming are distributed on Dish Network’s Sling TV, Comcast X1, Amazon, Facebook, Spotify, Twitter, Twitch, and other platforms. The company plans to launch a Snapchat Publisher Story in April.